IIA-CIA-PART1 DOWNLOAD FREE DUMPS & RELIABLE IIA-CIA-PART1 BRAINDUMPS FILES

IIA-CIA-Part1 Download Free Dumps & Reliable IIA-CIA-Part1 Braindumps Files

IIA-CIA-Part1 Download Free Dumps & Reliable IIA-CIA-Part1 Braindumps Files

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IIA-CIA-Part1 exam covers topics such as governance, risk management, internal control, and audit tools and techniques. It is a multiple-choice exam that consists of 125 questions and has a time limit of two and a half hours. The passing score for the exam is 600 out of 800.

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IIA Essentials of Internal Auditing Sample Questions (Q847-Q852):

NEW QUESTION # 847
During an audit of company expenses, the internal auditor performed a test using data analytics and identified a violation of the company's expenses policy. The auditor who discovered the issue considered it a potential fraudulent transaction and informed the chief financial officer (CFO). The CFO dismissed the concern because he did not understand the data analytics test that was performed and the transaction was of a low value. Given this situation, which skills or competencies should this internal auditor seek to improve?

  • A. Soft skills such as communication and negotiation.
  • B. Knowledge and understanding of the company's expenses policy
  • C. Knowledge of key IT risks and controls
  • D. Skills in evaluating the risk of fraud.

Answer: A

Explanation:
Given that the CFO dismissed the concern due to a lack of understanding of the data analytics test and the perceived insignificance of the transaction, the internal auditor should improve soft skills, specifically communication and negotiation. Enhancing these skills would help the auditor better explain the significance of findings and persuade management of the need to address such issues, regardless of transaction value.
References: Institute of Internal Auditors (IIA) - Competency Framework for Internal Auditors


NEW QUESTION # 848
Which of the following scenarios would most significantly restrict the areas where internal audit could perform assurance services?

  • A. The internal audit activity reports administratively to the CEO and functionally to the audit committee.
  • B. The internal audit activity reports functionally to the chief financial officer
  • C. Regulators mandate specific audit engagements to be included in the audit plan.
  • D. The internal audit activity reports administratively to the chief financial officer.

Answer: D

Explanation:
The scenario that would most significantly restrict the areas where internal audit could perform assurance services is if the internal audit activity reports administratively to the chief financial officer (CFO). Reporting to the CFO could impair the perceived independence of the internal audit activity because the CFO is typically responsible for the financial and operational aspects of the organization that internal audit frequently assesses. This relationship could create a conflict of interest and limit the scope of audits that can be performed impartially.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing


NEW QUESTION # 849
A senior manager asks the chief audit executive (CAE) to explain why statistical sampling is the best method to use in conducting an internal audit. Which advantages should the CAE point to in order to justify the internal audit activity's (IAA) use of statistical sampling?

  • A. Statistical sampling sets limits on resources used for the IAA, allows for a subjective interpretation of the IAA's sampling results, and supports The Institute of Internal Auditors' requirements for using questionnaires as a sampling tool.
  • B. Statistical sampling allows for the selection of a minimum sample size, provides a quantitative expression of the IAA's sampling results, and supports extrapolation.
  • C. Statistical sampling allows for evaluation of all organizational data at once, increases the likelihood that risks are immediately identified, and does not require a level of tolerable misstatement or margin of error.
  • D. Statistical sampling itself identifies root causes of issues, utilizes a qualitative method for analyzing results, and supports engagement objectives through the use of external benchmarking.

Answer: B


NEW QUESTION # 850
While conducting an audit, an internal auditor notices an unusual increase in sales among a small number of units within the organization. The units also experienced persistent negative cash flows despite reported earnings and earnings growth. Which type of fraud do the auditor's findings most likely indicate?

  • A. Fictitious revenues.
  • B. Inventory theft.
  • C. Improper asset valuation.
  • D. Employee collusion with customer organizations.

Answer: A


NEW QUESTION # 851
Which of the following is a way to demonstrate an individual internal auditor's competency through continuing professional development?

  • A. Review training records for all internal auditors
  • B. Define average training hours per auditor as a team performance measure
  • C. Analyze internal audit client survey feedback following audits
  • D. Create different training budgets for each of the internal auditors

Answer: A

Explanation:
Reviewing training records for all internal auditors is a way to demonstrate an individual internal auditor's competency through continuing professional development. This method ensures that each auditor's training aligns with required competencies and standards, providing a clear record of professional development activities.References: IIA standards on assessing professional competencies and continuing education.


NEW QUESTION # 852
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